https://www.taxtmi.com/caselaws?id=773360 The Tribunal quashed reopening notices under section 148 and resultant reassessment orders, holding that the AO lacked valid reasons to believe income had escaped assessment. Information from DDIT units regarding alleged shell companies had no connection to the assessee, while circular fund transfers among related parties were self-explanatory and did not indicate accommodation entries or unexplained credits under section 68. The Tribunal emphasized that reopening requires credible material directly linked to the assessee's undisclosed income, not vague information about unconnected third parties or transparent related-party transactions. en-us Fri, 13 Jun 2025 00:00:00 +0530 Sat, 21 Jun 2025 08:29:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773360 The Tribunal quashed reopening notices under section 148 and resultant reassessment orders, holding that the AO lacked valid reasons to believe income had escaped assessment. Information from DDIT units regarding alleged shell companies had no connection to the assessee, while circular fund transfers among related parties were self-explanatory and did not indicate accommodation entries or unexplained credits under section 68. The Tribunal emphasized that reopening requires credible material directly linked to the assessee's undisclosed income, not vague information about unconnected third parties or transparent related-party transactions. Case-Laws Income Tax Fri, 13 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773360